Thursday, July 29

Banking companies mark Reliance Communications’ account as fraud

Banking companies mark Reliance Communications’ account as fraud

MUMBAI: Condition Financial institution of India (SBI), Union Financial institution of India (UBI) and Indian Abroad Bank (IOB) have marked Reliance Communications‘ (RCom’s) account as fraud, according to banking resources.
In addition to that, the SBI and the UBI have also marked Reliance Telecom Ltd (RTL) account as fraud. RTL is a 100 for every cent subsidiary of RCom.
A further RCom subsidiary, Reliance Infratel Ltd’s account has also been marked as fraud by the SBI.
The most up-to-date transfer by the banking companies arrives a few of weeks after the NCLT Mumbai gave its acceptance to Reliance Infratel’s resolution program.
Reliance Jio’s group organization Reliance Digital Platform is the successful Resolution Applicant for Reliance Infratel Ltd.
The loan providers will get Rs 4,400 crore from Reliance Digital. Reliance Infratel has 43,000 towers and 172,000 km fibre network. The resolution strategy of RCom and RTL is pending for an acceptance ahead of the NCLT Mumbai.
The loan providers will get better all around Rs 18,000 crore from the sale of these two corporations to the UV Asset Reconstruction Corporation, who is the successful resolution applicant.

Source (important)

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